--%>
Assignment Help - homework help

Accounting standard

 

A principle that guides and standardizes accounting practices. The Generally Accepted Accounting Principle (GAAP) are a group of accounting standards that are widely accepted as appropriate to the field of accounting. Accounting standards are important so that financial statements are meaningful across a wide variety of businesses; otherwise, the accounting formula of different companies would make comparative analysis almost impA company's total revenue, calculated according to Generally Accepted Accounting Principles (GAAP), and includes the explicit costs of doing business, such as depreciation, interest and taxes.

 

 

 

 

   Related Questions in Managerial Accounting

  • Q : Key elements of the Shell’s ethical code

    What are the key elements of the Shell’s ethical code? Describe in brief?

    		•
  • Q : Reaping the benefits of IT What do you

    What do you mean by the term reaping the benefits of IT? Explain n brief?

    		•
  • Q : Key areas which business objectives

    Write a short note on the key areas which business objectives want to achieve?

    		•
  • Q : What is Job Order Costing Job Order

    Job Order Costing: A technique of cost accounting which accrued costs for individual jobs or lots. A job might be a service or manufactured item, like the repair of tools or the treatment of a patient in the hospital.

    		•
  • Q : Explain Activity-Based Costing

    Activity-Based Costing: It is a cost accounting process that measures the cost and performance of process related activities and cost objects. It assigns cost to cost objects, like products or customers, based on their utilization of

    		•
  • Q : Describe Cost Reduction Cost Reduction

    Cost Reduction: The procedure of looking for, finding and eliminating unwarranted expenses from the business to raise gains without containing a negative impact on the product quality. Most of the business managers will engage in periodic cost reducti

    		•
  • Q : Capital gain The increase in value that

    The increase in value that the owner of a capital asset receives when the asset is sold. The owner pays tax on that gain or increases, at a lower rate if the assets that are sold are capital asset, such as factory buildings, rather than assets that are sold in the nor

    		•
  • Q : Define Differential Cost Differential

    Differential Cost: The cost difference predicted when one course of action is adopted rather than others.

    		•
  • Q : Define Cost Avoidance Cost Avoidance :

    Cost Avoidance: The action taken to decrease future costs, like replacing parts before they fail and cause harm to other portions. Cost avoidance might incur higher (or extra) costs in the short run however the final or life-cycle cost would be lower.

    		•
  • Q : Partnership from Accounting point of

    Describe the status of partnership from an accounting point of view? Answer: From an accounting point of view, partnership is a separate business entity. From legal

    		•